Transfer Rates - Bangkok Bank

[lovecam]

I have a quick question i not answering. I have my money in thailand already. Now i know that it needed to come from abroad and in Sterling if i want to buy a condo with it. The best option is to send it back to England and then resendd to my Thai bank account.

Does anyone know what rate i would get taking Bangkok Banks current rates today.

For example

Bank Note Buying Rates Selling Rates

Buying Rates Selling Rates Sight Bill TT Bill-DD-TT

74.60 76.41 75.34250 75.54500 76.15500

Does this mean to transfer back to england i would have to pay 76.155 (selling rate) for each pound and then when i send it back to thailand i would get the buying rate for TT which is 75.54500 .

That is a very small spread and a worth while one if that is all i would lose. Can anyone help to answer if i am correct.

[lovecam]

the font didnt come out properly

Bank Note

buying rate 74.60

selling rate 76.41

Selling Rates

Sight Bill 75.34250

TT Bill 75.54500

Selling Rates

Bill-DD-TT 76.15500

thanks

[PCA]

@lovecam,

interesting for you is the rate that your English bank is offering for the Thaibaht in case you change it back. Then you can calculate your loss.

Peter

[lovecam]

thanks pca

but if i transfer it into english from thai bank i will get that rate wont i ?

thanks

[PCA]

Hi,

no you won´t get this rate. Ask for the buying rate for Thai baht at your bank in England. The spread will be larger.

Peter

[lovecam]

hi peter

so does this mean that i cannot get a rate to change my thai baht that i have in bangkok bank to english money before i transfer it back to england.

like for example i can transfer my english money to thai baht in an english bank and then send it to thailand

thanks peter

[PCA]

hi,

for this you would need to open a foreign currency account what you are probably not allowed to. But this would cost you a lot of additional fees anyway.

The rates that you got is for somebody who wants to change Sterling against Thaibaht but you need to do it in reverse order.

You can send the baht amount to England and your bank there will change it to Sterling at a very bad rate which you should ask for in advance.

So as soon as you know all your fees try to drop down the purchasing price for your condo accordingly.

Peter

[lovecam]

peter thanks for all your advice

but can i ask cant i transfer my thai money into english money before sending it back.

for example when you go to the airport when you leave bangkok you can normally transfer your thai money to english money without having to pay a lot more

e.g if the rate was 75 for thai baht you would have to pay 76 to get english money.

am i not correct?

so this would be the same for the banks in thailand wouldnt it?

[lovecam]

peter

how about the other option of just drawing the money out from england. would i not get a better rate?

[PCA]

hi l-cam,

to change back a certain amount in cash (thaibaht back to Sterling) might be possible but I never did it so I cannot help about that.

In your case this is a substantial amount if you want to buy a condo. By the way if you arrive with a suitcase full of cash at the airport you won´t leave the country quick I guess.

But why don´t you simply ask at both of your banks?

regards,

Peter